•Meets stakeholders on way forward, says only 5% currently developed
Emmanuel Addeh in Abuja
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) yesterday met with industry operators and service providers on ways to harness Nigeria’s 1.6 billion heavy crude oil reserves, out of which it said only 5 per cent is currently developed.
Typically, there are light, medium and heavy crude oils, with heavy crude being highly viscous and cannot easily flow from production wells under normal reservoir conditions.
Speaking during an industry-wide workshop in Abuja organised by the commission, the Chief Executive of the NUPRC, Mr Gbenga Komolafe, noted that given the current dynamics in the sector, Nigeria needs a paradigm shift from traditional, ‘siloed’ approaches towards a collaborative model that leverages the strengths of all stakeholders.
His speech was themed: “Entrenching Accelerated Development of Petroleum Prospecting Licenses…
Source: Thisday Newspaper
